Newsroom
June 15, 2016
FOMC leaves interest rate, policy unchanged
The Federal Open Market Committee today said it is leaving the federal funds target rate unchanged at a range of 0.25 to 0.5 percent and is making no policy changes this month.
The FOMC released this policy statement at the close of its two-day meeting Wednesday.
"The decision to leave rates the same was widely expected, especially after the disappointing job numbers in May," said NAFCU Chief Economist and Director of Research Curt Long. "July is still a possibility if employment data is better this month, but it is more likely the committee will now wait until the third quarter or later."
In its revised forecast, the committee indicated that it anticipates a more gradual pace of rate normalization than previously estimated. The median forecast for the fed funds rate was 0.9 percent at the end of this year, 1.6 percent by year end 2017, and 2.4 percent in 2018.
The committee will meet for another two-day policy-setting session July 26-27.
Long noted in an interview with Bankrate earlier this week that the FOMC is also eyeing economic instability abroad as it waits to act on a rate hike.
The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December.
The FOMC released this policy statement at the close of its two-day meeting Wednesday.
"The decision to leave rates the same was widely expected, especially after the disappointing job numbers in May," said NAFCU Chief Economist and Director of Research Curt Long. "July is still a possibility if employment data is better this month, but it is more likely the committee will now wait until the third quarter or later."
In its revised forecast, the committee indicated that it anticipates a more gradual pace of rate normalization than previously estimated. The median forecast for the fed funds rate was 0.9 percent at the end of this year, 1.6 percent by year end 2017, and 2.4 percent in 2018.
The committee will meet for another two-day policy-setting session July 26-27.
Long noted in an interview with Bankrate earlier this week that the FOMC is also eyeing economic instability abroad as it waits to act on a rate hike.
The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.